TSX Starts Week with Head of Steam
Equities in Canada’s main market moved sharply higher on Monday, helped by gains in material and gold miners' shares amid escalating geopolitical tension after the U.S. joined Israel in striking Iran's nuclear facilities over the weekend.
The TSX Composite Index sprang up 140.52 points to kick off Monday at 26,497.57.
The Canadian dollar dipped 0.08 cents to 72.70 cents U.S.
Over the weekend, the U.S. had launched strikes on Iran's nuclear facilities, and Trump hinted at the possibility of regime change in Iran.
Prime Minister Mark Carney said on Monday that he spoke with Trump on issues ranging across de-escalating the conflict in the Middle East, NATO's proposed summit this week and trade negotiations with the U.S.
From the corporate angle, First Quantum Minerals said an employee working at the company's Trident project in Zambia passed away following an incident involving a dump truck.
First Quantum shares gathered six cents to $21.42.
ON BAYSTREET
The TSX Venture Exchange recovered 3.45 points first thing Monday to 714.63.
All but one of the 12 TSX subgroups were in positive country in Monday’s first hour, led by gold, shinier 2.5%, materials, stronger 1.8%, and consumer staples, better by 0.8%.
Only energy stocks missed the party, handing back 0.2%.
ON WALLSTREET
Stocks were higher on Monday even after the United States entered Israel’s war against Iran over the weekend by striking three nuclear sites as the increase in oil prices was relatively tame.
The Dow Jones Industrials popped 179.72 points to begin the last full week of June at 42,386.54.
The S&P 500 index recovered 31.25 points to 5,999.09.
The NASDAQ Composite leaped 95.43 points to 19,542.17.
Oil prices had already spiked in recent weeks following the increased tensions in the Middle East. U.S. crude oil futures on Sunday night reached highs not seen since January before paring those gains. slipped more than 1% on Monday, after Trump said in a Truth Social post that “everyone” should keep oil prices low, and doing otherwise “play into the hands of the enemy.”
Prices for the 10-year Treasury were much higher, weighing yields to 4.32% from Friday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices faded 78 cents to $73.06 U.S. a barrel.
Gold prices gained $5.60 to $3,391.30 U.S. an ounce.
